Manhattan median rent hits record $5,395/month in September
Credit: Frosti Gnarr on Unsplash
Every month seems to bring a new record for unaffordability in New York City, and September was no exception. According to a September residential market report from The Corcoran Group, Manhattan’s median rent for market-rate apartments climbed to a record $5,395/month, up 2 percent from August and 9 percent year over year. Leasing activity fell 5 percent year over year, while the vacancy rate held near 1.5 percent, reflecting the continued strain of the city’s limited housing inventory on the cost of living across the five boroughs.
“Manhattan’s rental market remains defined by a lack of available apartments,” Gary Malin, chief operating officer of the Corcoran Group, wrote in the report. “With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough.”
The average rent in Manhattan also hit a new record in September, reaching $6,865/month. Average rents increased across all unit types, with two- and three-bedroom apartments seeing the largest gains, at 10 percent and 15 percent, respectively.
One-bedroom rents saw the smallest increase, rising 6 percent year over year to $5,436/month, roughly $50 below their July peak.
Low inventory and a tight vacancy rate helped drive rents to new highs. In September, Manhattan had 5,015 active rental listings, down 2 percent from August and 16 percent year over year. This extended a two-year streak of annual declines and marked the lowest number of September rental listings since 2019.
The average Manhattan apartment took 48 days to find a tenant in September, up 26 percent from August and 12 percent year over year. According to the report, record-high rents have led prospective tenants to take more time evaluating their options.
Leasing activity also slowed. A reported 3,841 new leases were signed in Manhattan in September, down 19 percent from August and 5 percent year over year.
Manhattan’s vacancy rate stood at 1.54 percent in September, up slightly from 1.51 percent in August but below the 1.56 percent recorded in September 2025. Last month marked the fifth consecutive month with vacancy rates hovering around 1.5 percent, the longest such stretch at that level in nearly six years.
Brooklyn’s rental market saw more modest changes. In September, the borough’s median rent was $4,300/month, down 2 percent from August’s record high of $4,368 but still up 5 percent year over year. Meanwhile, average rents rose 3 percent annually to $4,946, remaining roughly 3 percent below their June peak of $5,098.
The average rent for one-bedroom apartments rose 5 percent year over year to $4,218, about 3 percent below the record set in August. Studio rents increased 3 percent to $3,521, while two-bedroom rents rose 3 percent to $5,708. Both remained within 1 to 2 percent of their previous records, set in May and June, respectively.
Three-bedroom rents, meanwhile, declined 1 percent year over year to $6,885, making them the only unit type with rents below September 2025 levels.
In September, Brooklyn had 3,428 active rental listings, down 11 percent from August and 25 percent year over year, marking the lowest September inventory level since 2022. The average rental spent 53 days on the market, up 13 percent from August and 33 percent year over year.
The average marketing time was 13 days longer than last year, driven by more apartments spending longer periods on the market before being leased.
Leasing activity in Brooklyn, on the other hand, had its strongest September since 2020. The number of leases signed was 1,407, a 3 percent increase from August and 10 percent annually. This was also in contrast to seasonal patterns, as September leasing has declined from August in every year since tracking began in 2019, by an average of 24 percent.
Two-bedroom apartments led leasing growth, with signings up 21 percent year over year to 434, the highest September total since 2020. Studio leasing remained relatively flat at 248 signings, still the strongest September total on record for the unit type.
One-bedroom leases rose 10 percent year over year, while three-bedroom apartments were the only unit type to see a decline.
“These conditions continue to prop up pricing and create urgency among renters who are searching for new homes throughout the borough,” Malin said.
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